ACO GROUP BERHAD SIGNS IPO UNDERWRITING AGREEMENT WITH ALLIANCE INVESTMENT BANK BERHAD
Kuala Lumpur, 3 February 2020 – ACO Group Berhad (“ACO Group” or “the Group”), a distributor of electrical products and accessories, has entered into an underwriting agreement with Alliance Investment Bank Berhad (“Alliance Investment Bank”) in conjunction with ACO Group’s initial public offering (“IPO”) and listing on the ACE Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).
ACO Group’s IPO exercise entails a public issue of up to 58.0 million new shares, and an offer for sale of up to 25.0 million existing shares by way of private placement to identified investors.
Of the 58.0 million new shares which represent 19.3% of ACO Group’s enlarged issued share capital upon listing, 15.0 million shares will be allocated to the Malaysian public via balloting (with at least 7.5 million shares (50.0%) set aside for Bumiputera investors), 9.0 million shares to eligible directors, employees and persons who have contributed to the success of the Group and 4.0 million shares to identified investors by way of private placement. The remaining 30.0 million shares will be placed out to Bumiputera investors approved by the Ministry of International Trade and Industry.
During the underwriting agreement signing ceremony, ACO Group’s Group Managing Director, Ir. Tang Pee Tee @ Tan Chang Kim (陈章锦) said, “The signing of the underwriting agreement with Alliance Investment Bank marks a significant milestone in our corporate journey as we move closer to being a listed company.”
Photo caption (from left to right):
• Mr. Tee Kok Wah (郑国华), Head/Senior Vice President of Corporate Finance of Alliance Investment Bank Berhad
• Mr. Mahesh P Rupawalla, Chief Executive Officer of Alliance Investment Bank Berhad
• Ir. Tang Pee Tee @ Tan Chang Kim (陈章锦), Group Managing Director of ACO Group Berhad
• Madam. Jin Siew Yen (袁秀英), Promoter and substantial shareholder of ACO Group Berhad